Nil Deposit Scheme

Date Published 24 July 2018

Renting a property can be a costly process. You`ve got your application fees, holding deposit & then your first months rent when you move in, along with any furniture & other moving costs. That`s a lot of money coming out of your pocket at the start of your tenancy. With that in mind, we may have something that`s going to help you out & lighten up some of the costs.

When referencing our tenants, we use a company called Let Alliance to carry out the process & they`ve come up with a brilliant new initiative called the Nil Deposit Scheme. Basically, instead of paying your usual holding deposit to us (the agent) you will pay just the equivalent of one weeks rent to Let Alliance & you`re free from having to make a deposit payment.

The process is a simple one; • Let Alliance will collect a single payment of 1 weeks rent +vat from the applicant. • Let Alliance will cover up to 6 weeks rent for tenant & landlord. • Tenant must have liability insurance. • Tenants will be charged an annual scheme renewal of £25 (+vat) should they renew their tenancy. • All tenants must be referenced by Let Alliance & be acceptable for tenancy or they must have an acceptable guarantor. • Applicants must have lived in the UK for at least the past 6 months & be in employment. • They must have been referenced using the Let Alliance Ultimate reference.

If any of the above conditions are not met, then the Nil Deposit scheme isn`t acceptable for them & unfortunately a regular holding deposit must be collected from the applicant.

This scheme is perfect for people who are looking to move but just don`t have all the upfront funds. You pay your scheme fee & then you`re set until you decide to renew (if you do). If you`re looking to rent a property and this seems like something that you`re interested in then get in touch with us on enquiries@marshall-property.co.uk or call 0151 733 1879